Vornado Realty Trust (NYSE:VNO) Reaches New 12-Month High Following Analyst Upgrade

Vornado Realty Trust (NYSE:VNO) shares hit a new 52-week high during trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $21.50 to $23.75. The Goldman Sachs Group currently has a sell rating on the stock. Vornado Realty Trust traded as high as $35.31 and last traded at $34.99, with a volume of 95759 shares trading hands. The stock had previously closed at $34.13.

Several other research firms have also recently commented on VNO. Piper Sandler raised shares of Vornado Realty Trust from an “underweight” rating to a “neutral” rating and raised their target price for the company from $22.00 to $30.00 in a research note on Thursday, August 8th. Truist Financial raised their price objective on shares of Vornado Realty Trust from $26.00 to $31.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Evercore ISI boosted their target price on Vornado Realty Trust from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. BMO Capital Markets raised Vornado Realty Trust from a “market perform” rating to an “outperform” rating and increased their price target for the company from $29.00 to $40.00 in a research note on Thursday, August 8th. Finally, Bank of America boosted their price objective on Vornado Realty Trust from $26.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Vornado Realty Trust has an average rating of “Hold” and an average price target of $30.43.

Insider Transactions at Vornado Realty Trust

In other news, Director Russell B. Wight, Jr. sold 2,000 shares of the business’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $28.19, for a total transaction of $56,380.00. Following the sale, the director now directly owns 3,034 shares of the company’s stock, valued at $85,528.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.14% of the company’s stock.

Institutional Trading of Vornado Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of VNO. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Vornado Realty Trust in the second quarter worth approximately $48,000. Fidelis Capital Partners LLC acquired a new stake in Vornado Realty Trust during the 1st quarter valued at $55,000. Principal Securities Inc. acquired a new stake in Vornado Realty Trust during the 4th quarter valued at $58,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Vornado Realty Trust by 61.0% in the first quarter. EverSource Wealth Advisors LLC now owns 2,686 shares of the real estate investment trust’s stock valued at $77,000 after purchasing an additional 1,018 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Vornado Realty Trust by 98.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,972 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 2,465 shares during the period. Institutional investors and hedge funds own 90.02% of the company’s stock.

Vornado Realty Trust Stock Up 5.3 %

The firm has a market cap of $6.85 billion, a PE ratio of 239.60 and a beta of 1.65. The company has a debt-to-equity ratio of 1.78, a current ratio of 5.21 and a quick ratio of 5.21. The business has a fifty day moving average price of $30.87 and a two-hundred day moving average price of $27.58.

Vornado Realty Trust (NYSE:VNO) last released its earnings results on Monday, August 5th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.37). The business had revenue of $450.27 million for the quarter, compared to analysts’ expectations of $439.28 million. Vornado Realty Trust had a net margin of 4.51% and a return on equity of 3.21%. The company’s revenue was down 4.7% compared to the same quarter last year. During the same period last year, the firm earned $0.72 EPS. On average, analysts anticipate that Vornado Realty Trust will post 2.16 EPS for the current fiscal year.

About Vornado Realty Trust

Vornado is a fully integrated real estate investment trust (REIT) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.